New Delhi, Aug 30 (PTI):Economic growth in the April-June quarter of this fiscal slipped to 4.4 per cent, the slowest pace in at least four years, dragged down by a contraction in manufacturing and mining.
The country's gross domestic product (GDP) had expanded by 5.4 per cent in the April-June quarter of the last fiscal. On a sequential basis, the growth rate declined from 4.8 per cent in the January-March period of 2012-13.
Commenting on the data, Economic Affairs Secretary Arvind Mayaram said, “Growth in the second quarter will improve and growth in the third and fourth quarters would be better.”
Mining and quarrying contracted by 2.8 per cent in the April-June quarter against a 0.4 per cent growth in the same period of the last fiscal, according to data released Friday by the Central Statistical Organisation (CSO).
The manufacturing sector posted a contraction of 1.2 per cent as against a decline of one per cent in output a year earlier.
Other sectors, including construction, power generation, hotels and transport, showed a marked deceleration in growth.
Farm sector output expanded by 2.7 per cent in April-June compared with 2.9 per cent in the corresponding period of the last fiscal.